NEW DELHI: The capital markets watchdog Sebi announced on Monday that L&T Mutual Fund is no longer a mutual fund.
After approval of the change in ownership of L&T Investment Management Ltd. and the merging of L&T Mutual Fund’s schemes with those of HSBC Mutual Fund, L&T Mutual Fund Trustee Ltd. told Sebi that it sought to revoke the registration given to L&T Mutual Fund (L&T MF) by the markets regulator.
After this, Sebi approved the request for the surrender of the registration certificate for L&T MF.
As a result, L&T MF no longer qualifies as a mutual fund as of April 6, 2023, according to a statement from the Securities and Exchange Board of India (Sebi).
In addition, it said that L&T MF would remain accountable for any debts and obligations (including monetary fines) for violations of the Sebi Act’s and (Mutual Fund) regulations that occurred prior to the company’s surrender of its certificate of registration.